loans instead of settlements

[call1dk]

What is the name of your state?What is the name of your state? New York

I would be interested to know if it would be possible to get a loan structured like a reverse mortgage where the bank or another lender would accrue the interest until the policy matures and would take a collateral assignment to secure their position.

I believe there was one company called LifeWise which did this a few years ago but they are no longer in business.

 

[ALawyer]

I am not aware of any firm that does this.

If you are terminally ill -- and a physician says you have less than a year or 2 of life exectancy -- some life insurance companies have programs that will advance you a portion of the face amount of the life proceeds with the policy as collateral.

Unless the policy is reasonably large and there is a clear health impairment you will wind up paying a HUGE fee for the sale to a viatical broker.

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I would be interested to know if it would be possible to get a loan structured like a reverse mortgage where the bank or another lender would accrue the interest until the policy matures and would take a collateral assignment to secure their position.

I believe there was one company called LifeWise which did this a few years ago but they are no longer in business.[/QUOTE]

 

[Grant-RTG]

I was familiar with LifeWise and might have another solution.

However, I would need a little more information about your specific policy and the amount you are trying to receive.

This post was a while back, so most likely this situation was resolved.

Email me through my contact form, and I will get back to you.

http://www.rtgconsultants.com/contact.html